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How can people actually afford university?!

I'm so worried about going to university because I literally have no idea how on earth I would be able to pay £27,000 + around 5K a year for accommodation. I'm not from a privileged background and am genuinely wondering how people do this? I mean getting a part time job is always an option but I've heard that at Cambridge, they don't allow you to have one?!

Reply 1

sulaimanali

some people's parents have good jobs/work harder...save alot..use money wisely..

Reply 2

study beats

Original post by m-k1

student finance gives you a loan mate and you only pay back a bit at a time

Reply 3

Notoriety

You get a tuition fee loan to cover the £9,000~ and you get a maintenance loan of about £7,000~. If you have a low household income, you might be in receipt of a scholarship that could be as large as £3,000 but usually is about £2,000.

It's quite affordable.

Reply 4

ThomH97

Get a loan. Yes it's a lot of debt, but it works like a tax which doesn't kick in until you're earning £21k. You won't struggle to live making £21k.

I won't say it definitely will be financially worthwhile to go to university, but the debt you'll have as a result won't be crippling.

Reply 5

RogerOxon

Original post by m-k1

Are you an international student? If not, where does the £27k come from?

A student 'loan' isn't a real loan, as repayments are means-tested. I wouldn't worry about it, especially with a Cambridge degree.

(edited 6 years ago)

Reply 6

Blue_Cow

http://www.moneysavingexpert.com/students/student-loans-tuition-fees-changes

Also, a lot of universities give out means-tested bursaries to 'top-up' your maintenance loan.

Reply 7

d-m1

Original post by Notorious_B.I.G.

The idea of being in so much debt is honestly so uneasy to me :/ but thanks for replying! This might sound stupid, but is everyone guaranteed to get a maintenance loan? (even if they commute?)

Reply 8

username2281303

I mean, try Scottish Unis? You only have to pay around 1k a year, so 4k altogether (MA's last 4 years instead of 3)

Also you can get bursaries & Scholarships too as others have mentioned.

There's always a cheaper way if you look hard enough.

Reply 9

ellaandk

You seem to think you'll be expected to pay all this upfront out of pocket - you won't! Student finance will pay your course fees, and once you're earning >£21,000 after graduation, you pay back (I think) 9% of whatever your income on top of that is. It'll come out of your salary much like a tax.
For living costs, you'll get a maintenance loan, which is means-tested but there's a minimum of about £3000. Students from low-income families get about £8400. There are also bursaries and scholarships available from individual places, depending on your situation.
I'm planning to start uni in September, from a low-income one-parent family, and I'm pretty confident I won't be in a terrible situation. Try not to worry too much! :smile:

Reply 10

TheMoon

Original post by m-k1

The idea of being in so much debt is honestly so uneasy to me :/ but thanks for replying! This might sound stupid, but is everyone guaranteed to get a maintenance loan? (even if they commute?)

Yeah, everyone gets a maintenance loan, it just varies on how much you get. For example if you commuted you would obviously get less, and it also depends on your household income etc.

As for being uneasy for so much debt, there's no need to worry about it. Think of it as a trade-off, in return for earning a much higher salary (since you have a degree), you have to pay 9% over £21,000 every month. Definitely works out in favour of you, and so many people do it (I think over 90% of students take out tuition fee loans)

Reply 11

3121

Original post by m-k1

I hope you’re not really this dumb. The £27k is means tested based on your income, you only pay a small amount and what you can afford. Your first £12k of earnings is all yours (probably increase PA by then) then up to £21k you only pay the lower tax but no student loan, all income above £21k is charged at 9%… so if you’re earning £31k a year you only pay £900 a year and it comes off before tax saving you a few pounds… no one is gonna bang on your door or repossess your house or anything so it’s not even debt.

As for the 5k accommodation, use your maintenance loan, considering what you’ve said you might be entitled to 5k+, maybe even the full amount, if you’re entitled to the full amount and your university has a bursary scheme you’ll be in even more luck! If not you just have to work part time alongside or get support from your parents… Cambridge is an ‘elitist’ university, it’s for those they consider the best of the best and they don’t want a job dragging down their performance and would likely provide them financial support if they’re struggling that badly (through bursary’s)

You clearly haven’t taken the time to study the system, you just pandered on with all these socialist lunatics rhetorics you’ve read without fact checking. University is incredibly accessible in this country as I’ve described above.

Believe it or not the people who suffer most are the insecure middle class, they get reduced maintenance loans, little/no bursary and are expected to meet the rest of their accomdation costs through their parents money/getting a job. If you’re from an insecure middle class background your parents probably earn a good amount, will have a mortgage, bills to pay ofc, probably more than 1 child so it can be tough for them to squeeze out that extra money. I’ve read before it’s because In this bracket which have least access to university since they’re considered well off but are only just making it.